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OF  THE 

University  of  NortK   Carolina 

This  book  was  presented  by 


m.l).  Ka^LOiJodl 


Q,3g$,|_f)gUl 


Doc.  Ko.  25.]  [Ses.  1856-'7. 

Ordered  to  de  Printed. 
llolden  &  Wilson,  Printers  to  the  State. 


To  the  honorable  the  General  Assembly 

of  the  State  of  North  Carolina : 

I  herewith  transmit,  for  your  consideration,  a  communica- 
tion from  John  D.  Whitford,  Esq.,  President  of  the  Atlantic 
and  North  Carolina  Railroad  Company. 

At  a  late  meeting  of  the  Board  of  Internal  Improvements, 
certificates  having  been  laid  before  the  board,  in  accordance 
with  the  provisions  of  the  charter,  showing  that  the  private 
stockholders  of  the  company  had  paid  the  third  instalment  on 
their  stock,  an  order  was  made  by  the  board  that. the  public 
Treasurer  pay  the  third  instalment  upon  the  subscription 
made  by  the  State. 

The  difficulty  now  suggested  as  to  the  fourth  instalment 
was  then  made  known  to  the  board  by  Mr.  Whitford.  Sub- 
sequently he  addressed  the  accompanying  communication  to 
me,  with  a  request  that  I  would  bring  the  matter  to  your 
notice. 

The  provisions  of  the  charter  are  correctly  set  forth  in  Mr. 
"Whitford's  communication,  as  well  as  the  difficulties  which 
the  company  will  have  to  encounter  as  to  the  payment  of  the 
fourth  and  last  instalment  of  the  State's  subscription. 

The    last  instalment  due  by  the  private  stockholders  is 
$133,333.     That  of  the  State  is  twice  that  amount. 

In  the  present  condition  of  the  work,  the  failure  to  obtain 
the  fourth  instalment  of  the  State  would  very  seriously  em- 
barrass the  operations  of  the  company,  and  retard  the  com- 
pletion of  their  road. 

I  submit  to  you,  therefore,  whether  it  would  not  be  expe- 
dient to  relax  the  provisions  of  the  charter  as  to  the  payment 
of  this  instalment  by  the  State.     I  am  assured  that  the  insol- 


2  Document  No.  25.  [Session 

vent  stock  will  amount  to  a  few  thousand  dollars  only.  The 
main  difficulty  is  as  to  the  stock  subscribed  for  by  the  county 
of  Carteret. 

I  would  suggest  that  provision  be  made,  that,  whenever  it 
should  be  certilied,  in  the  manner  now  required  by  the  char- 
ter, to  the  Board  of  Internal  Improvements,  that  all  the  sol- 
vent stock  has  been  paid  for,  except  that  of  Carteret  county, 
the  Board  of  Internal  Improvements  shall  order  the  fourth 
instalment  of  the  State's  subscription  to  be  paid. 

THOS.  BRAGG. 

Executive  Department,  Dec.  7.  1856. 


COMMUNICATION. 

Office  Atlantic  &  1ST.  C.  Railroad  Company, 
Newbern,  Dec.  4,  1856. 

Sir:  The  act  of  the  Legislature  of  1851-5,  to  amend  an  act 
to  incorporate  the  Atlantic  and  North  Carolina  Railroad 
Company,  section  5th,  requires  the  State's  subscription  to  this 
road  to  be  paid  in  the  following  manner,  to  wit:  "The  one- 
fourth  part  as  soon  as  the  said  company  shall  commence  work, 
and  one-fourth  part  thereof  every  six  months  thereafter,  until 
the  whole  subscription  in  behalf  of  the  State  shall  be  paid: 
Provided,  The  Treasurer  and  President  of  said  company  shall, 
before  they  receive  the  aforesaid  instalments,  satisfactorily 
assure  the  Board  of  Internal  Improvements,  by  certificates, 
under  the  seal  of  said  company,  that  an  amount  of  the  private 
subscription  has  been  paid  in  equal  proportion  to  the  pay- 
ment required  of  the  State." 

It  will  be,  sir,  absolutely  impossible,  for  the  company  to 
comply  with  the  above  section  of  the  charter.  There  will 
certainly  be  some  insolvent  stockholders,  and  a  resort  to  le- 
gal proceedings  to  coerce  payment  from  others.  If  it  were 
otherwise,  it  would  be  unprecedented  in  the  history  of  rail- 
roads.    I  believe,  in  fact  know,  the  loss  will  be  trivial ;  but 


185G-'7.]  Document  No.  25.  3 

under  this  section,  every  dollar  of  the  private  subscription 
must  be  paid,  before  the  fourth  and  last  instalment  from  the 
State  can  be  obtained.  I  will  further  state,  that  in  accord- 
ance with  the  provisions  of  the  charter,  the  county  of  Car- 
teret made  a  subscription  of  fifty  thousand  dollars  to  the  cap- 
ital stock  of  the  company,  no  part  of  which  has  been  paid, 
except  ten  per  cent,  thereof,  required  by  the  charter  to  be 
paid,  when  the  subscription  was  made.  The  county  court  of 
Carteret,  has  refused  to  make  provision  for  the  payment  of 
the  residue,  and  legal  proceedings  have  been  ordered  by  the 
company,  to  be  instituted  for  the  collection  of  this  balance. 
It  is  confidently  believed,  that  this  sum  will  ultimately  be 
collected ;  but  it  will  be  attended  with  the  delay  resulting 
from  litigation. 

Unless  some  provision  is  made  by  the  present  legislature  to 
relieve  the  company  of  these  difficulties,  there  must  be  serious 
delay  in  the  completion  of  the  road. 

I  therefore  respectfully  beg  your  Excellency  to  lay  the 
matter  before  the  legislature  and  to  recommend,  if  in  your 
opinion  it  shall  be  proper  to  do  so,  the  enactment  of  such  pro- 
visions as  may  effect  the  object  desired  by  the  company. 

Your  most  obedient  servant, 

JOHN  D.  WIIITFOED,  President. 

To  His  Excellency,  Thomas  Bragg, 
Governor  of  K.  C. 


JPfRTbf  M.DeL-Hay^v 


Doc.  No.  26.] 


[Ses.  1856'-7. 


Ordered  to  be  Printed. 


Holdec  &  Wilson,  Printers  to  the  State. 


EEPOET 

Of  the  Committee  of  -Finance,  in  relation  to  the  Office  of  the 
Public  Treasurer. 

The  Committee  of  Finance  have  examined  the  books  of  the 
Treasurer,  his  deposit  account  at  hank,  and  the  amount  of 
money  in  the  Treasury  on  the  1st  November,  1856,  and  re- 
port, that  there  was  a  deposit  to  the  credit  of  the  Treasurer, 
at  that  date,  of  the  sum  of  $256,456  28 

"Which  is  disposed  of  as  follows : 


Bank  of  Republic,  New  York, 
Bank  of  State  of  North  Carolina, 
Bank  of  Cape  Fear, 

Amount  in  Till  as  follows : 
Bank  check,  C  P.  Mendenhall, 

Treasurer    of    North    Carolina 

Railroad,  $1,031  91 

Bank  check,  D.  S.Willis, 

Treasurer  of  Atlantic 

and    North    Carolina 

Railroad,  9,000  00 

Cash,  82  90 


$46,09824 
172,10255 


28,i; 


01 


10,117188 


$256,456 


28 


All  of  which  is  respectfully  submitted. 


GEO,  D.  BOYD,  Chairman. 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042072023 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


